Streetbeat News

Revenues

CTVA

Corteva Inc. reported lower than expected Q3 revenue results, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:40 pm

FLT

FleetCor Technologies reported worse-than-expected Q3 financial results and lowered its FY23 revenue guidance. Morgan Stanley also lowered its price target for FleetCor from $244 to $240.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:26 pm

VEEV

Veeva Systems has updated its FY24 guidance, expecting total revenue between $2.353B and $2.355B, slightly below the estimated $2.37B. The company anticipates subscription revenue of about $1.897B, services revenue between $456M and $458M, and non-GAAP operating income of about $827M.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:22 pm

VEEV

Veeva Systems has provided its Q4 guidance for the fiscal year ending January 31, 2024. The company expects total revenue between $621M and $623M, subscription revenue of about $517M, services revenue between $104M and $106M, and non-GAAP operating income of about $226M. However, this is lower than the estimated revenue of $636.04M.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 3:21 pm

CMTL

Comtech (NASDAQ:CMTL) has received a $20 million order from Spectra Group to service multiple orders for its next-generation Troposcatter systems in the NATO and European regions. The order will allow Spectra Group to service existing and expected follow-on orders from undisclosed customers. Comtech's COMET system is designed to provide secure beyond-line-of-sight capabilities in challenging environments. In September 2023, Spectra Group received an $8 million order from the UK MoD for Comtech's COMET systems.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 2:25 pm

NVAX

Novavax Inc reported Q3 revenue of $187 million, beating the consensus of $158.54 million. The company is on track to exceed its global restructuring and cost reduction plan for 2023 by over $100 million. It also plans to initiate an additional cost reduction program to reduce 2024 expenses by over $300 million. Novavax reduced current liabilities by $128 million during Q3 2023 and by approximately $1 billion as of September 30, 2023. The company sees FY23 revenue of $900 million-$1.1 billion and forecasts Q1 FY24 revenue of $300 million.

Portfolio Pulse from Vandana Singh

November 09, 2023 | 2:20 pm

AFIB

MDT

Acutus Medical Inc (AFIB) is restructuring to become a contract manufacturing business, winding down its electrophysiology mapping and ablation business. The company will support Medtronic's (MDT) left-heart access products manufacturing and distribution. The restructuring will reduce the workforce by 65% and is expected to be completed by Q1 2024. Acutus reported a Q3 EPS loss of $(0.52), beating the consensus of $(0.61), and Q3 sales of $5.24 million, up 44% Y/Y.

Portfolio Pulse from Vandana Singh

November 09, 2023 | 2:17 pm

TRMD

TORM's Q3 2023 revenue was reported at $244.4M, surpassing the estimate of $232.987M.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 2:08 pm

CDNA

CareDx reported better-than-expected Q3 financial results and issued FY23 revenue guidance above estimates, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 1:56 pm

NEOV

NeoVolta Inc., a manufacturer of Smart Energy Storage Solutions, has expanded its presence in New Mexico with a $520,000 deal for its NV14 batteries in new home construction projects. The company expects more orders in the coming years, indicating strong demand for its energy storage products. NeoVolta's NV14 system was recognized as one of Solar Power World's Top Solar Storage Products for the third year in a row and was named one of the most affordable solar batteries in the U.S. in EnergySage's latest semi-annual Solar Marketplace Intel Report.

Portfolio Pulse from Benzinga Newsdesk

November 09, 2023 | 1:46 pm